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.... For a bank, lack of liquidity can be a life-threatening event. Regulators at the Financial Services Authority were asleep, but that doesn’t alter the compensation argument. ...
[Read full article on Guardian]

....September 2008 A £12bn takeover of HBOS by Lloyds TSB comes just days after the collapse of Lehman Brothers sent shockwaves through financial markets. The Financial Services Authority, then the City regulator, says the deal will “enhance finance stability”. ...

.... Both men were members of 21 SAS Reserve Regiment and Hannam donated £2,000 to Davis’s Tory leadership campaign in 2005. But their relationship deepened in 2012 when Davis criticised the Financial Services Authority in its pursuit of the City’s leading dealmaker, who was forced to leave his job with JP Morgan after being found guilty of “market abuse”. ...

.... In theory, this could allow governments to increase spending or reduce taxation without raising corresponding financing from the private sector. Adair Turner, Chairman of the Financial Services Authority, has suggested this could be a tool to use in extreme circumstances. ...

....But he does believe there should be more scrutiny of shadow banking – where fund managers, insurance companies and hedge funds conduct bank-like activities with less regulation. Adair Turner, who became chairman of the Financial Services Authority in the month that Lehman Brothers went bust, worries that the complex, off-balance-sheet financial instruments that dominated the 2007 crisis – such as special investment vehicles (SIV) – have now become a feature of the financial regime in China, the world’s second biggest economy. ...

.... While Northern Rock was in trouble along with a handful of German banks, US institutions had yet to be hit directly by the crisis in the local mortgage market. During the summer of 2008, Adair Turner was preparing to become chairman of the Financial Services Authority, the predecessor to the FCA. ...

.... The shortcomings of Labour’s tripartite system of regulation – and the tensions within it – were exposed. Powers were shared by the Treasury, the Bank and the new Financial Services Authority after the changes in 1997 when the central bank was given control of monetary policy but stripped of oversight of the big lenders. ...

.... He and Mills were jailed along with four others for their activities between 2003 and 2008. The redacted paragraphs shine a light on what the Financial Services Authority – the City regulator at the time – had concluded in 2012, while the police investigation was still going on. ...

....It is particularly striking that the problems of cost opacity and cost control, which are both widespread and long-standing, will continue to be kicked down the road. How many more consultations and working groups do you need to add up costs and produce it as a single number, and in pounds and pence? Especially when you consider that a report in 2000 by the regulator’s earlier incarnation, the Financial Services Authority, found that as much as 50% of costs were being hidden from investors. ...

.... Indeed, arguably they have been factors behind the political upheavals in the US and the UK already. • Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. ...

.... He was director of regulatory affairs and then head of anti-money laundering and sanctions in the high street banking operations of Barclays. Before Barclays he had worked at the City regulator, the Financial Services Authority, and has previously said that attempts to clean up the financial sector from money laundering were flawed. ...

.... How seriously did the board contemplate the possibility that funding conditions could get much, much worse? And how credible was the assessment of the quality of assets that RBS had acquired the previous year with its acquisition of ABN Amro?. A cross-examination of the key individuals by a QC might reveal more than the colourless official report on the failure of RBS by the Financial Services Authority in 2011. ...

....September 2008 A £12bn takeover of HBOS by Lloyds TSB comes just days after the collapse of Lehman Brothers sent shockwaves through financial markets. The Financial Services Authority, then the City regulator, says the deal will “enhance finance stability”. ...

....September 2008 A £12bn takeover of HBOS by Lloyds TSB comes just days after the collapse of Lehman Brothers sent shockwaves through financial markets. The Financial Services Authority, then the City regulator, says the deal will “enhance finance stability”. ...

.... To be fair, this was not entirely the Bank’s fault. The crisis exposed the weaknesses of Labour’s tripartite system of financial supervision, with responsibility shared between the Treasury, the Bank of England and the Financial Services Authority. ...

.... The next UK prime minister, who just might be May, will need to produce a good answer, or London will not remain at the top of the league for much longer. • Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. ...

....The Financial Conduct Authority is also resuming its investigation into the episode after it was placed on hold in 2013 at the request of Thames Valley police. The watchdog said: “The FCA’s investigation is focusing on the extent and nature of the knowledge of these matters within HBOS and its communications with the Financial Services Authority after the initial discovery of the misconduct. ...

....The Financial Conduct Authority (FCA) is also resuming its investigation into the episode after it was placed on hold in 2013 at the request of Thames Valley Police. The watchdog said: "The FCA's investigation is focusing on the extent and nature of the knowledge of these matters within HBOS and its communications with the Financial Services Authority after the initial discovery of the misconduct. ...

....While this is the only HBOS operation where fraud has been prosecuted, the lurid stories the jury heard about sex parties and cash in brown envelopes embellished its image as a bank whose ambitions had got out control. A 2013 parliamentary report described HBOS as an “accident waiting to happen”; in 2012, the now defunct Financial Services Authority lambasted subsidiary Bank of Scotland’s aggressive, high-risk growth strategy, and another report, published in 2015 by the Bank of England and the Financial Conduct Authority, said the bank’s business model “placed inappropriate reliance on continuous growth without due regard to the risks involved”. ...

....Wilson lives in Hastings, East Sussex, and used to work for a firm of solicitors, which is where he said he became aware that a number of people had been overcharged. He originally complained to the FCA’s predecessor, the Financial Services Authority, which ruled that the matter was outside its remit. ...

....1bn in damages in what is believed to be the largest ever civil prosecution against British nationals. Its suit claims Hogenson, Autonomy’s US finance chief, was dismissed after raising concerns with the firm’s auditor, Deloitte, and with the then UK regulator, the Financial Services Authority (FSA). ...

....Since the start of 2003 the Ombudsman has received 1,445,000 complaints about PPI mis-selling. But the floodgates opened in 2011 when the British Bankers' Association (BBA) lost a High Court challenge to a decision of the former City regulator, the Financial Services Authority. ...

.... Until then the Bank of England had insisted that all of London's banks had to be within 10 minutes' walking distance of the governor's office so, it was said, in a crisis he could summon the lords of finance to his parlour with half an hour's notice. But the Securities and Investments Board (later the Financial Services Authority) replaced the Bank's regulatory role. ...

....In the long run such customers would not necessarily have lost out, as they would have paid off their mortgages faster. Six years ago the then Financial Services Authority (FSA) said automatic capitalisation should not be allowed when there was a negative impact on customers. ...

....This would cost the industry up to £20bn and 35,000 jobs, it said - although the "knock-on impact" on related business activities could cost a further £18bn and 40,000 jobs. Hector Sants, head of Oliver Wyman and former chief executive of the Financial Services Authority, told the BBC's Today programme: "We are not taking a view on the outcome of the negotiations. ...

....The Libor scandal has already cost Barclays $453m. That sum was paid to the US Justice Department, the US Commodity Futures Trading Commission and the UK's Financial Services Authority in 2012. ...

.... It received new prominence in 2005 when Citizens Advice issued a so-called super-complaint to competition watchdogs about what it described as a “protection racket”, starting a series of events that led to the compensation payments to consumers and sales of some types of PPI being banned. The now defunct Financial Services Authority told parliament 53m PPI policies had been sold. ...

.... Seven years after the bank's collapse, we now know just how badly - and not because the regulators showed a spirit to learn the lessons of the past," said Andrew Tyrie, chairman of the committee. The MPs considered a string of reports into the failure of HBOS and action taken by the regulator at the time - the Financial Services Authority (FSA) - as well as evidence given to the committee. ...

.... Then the IMF could again take a balanced view, rather than issuing so many false alarms that it is ignored when a real fire starts. • Howard Davies was the first chairman Financial Services Authority (1997-2003), director general of the CBI and deputy governor of the Bank of England. ...

....The Crown Office focused on the cash call to raise £12bn that RBS embarked on between April and June 2008, just before its taxpayer bailout in October that year. The investigation was prompted by the December 2011 publication of the report by the then Financial Services Authority into the bank’s near collapse. ...

.... Yet all around there were hidden eyes and ears trained on the activities taking place in a small office located on nearby Grosvenor Place. For a year, a team led by the Financial Services Authority (FSA) alongside colleagues from the Serious Organised Crime Agency (Soca), had been tracking a suspected insider trading ring as part of Operation Tabernula. ...

....Dodgson and Hind were convicted after a 12-week trial and, as he sentenced them on Thursday, Judge Jeffrey Pegden QC described them as having taken part in “persistent, prolonged, deliberate, dishonest behaviour”. The investigation, dubbed Operation Tabernula, was a joint operation of the Financial Services Authority – now replaced by the Financial Conduct Authority – and the then Serious Organised Crime Agency. ...

....Asset Land sold plots for between £7,500 and £24,000 “with the promise that [they] would increase in value if the land got planning permission or was re-zoned,” the FCA said. The FCA’s predecessor, the Financial Services Authority, won its case against Asset Land in the high court February 2013 when it found that David Banner-Eve, Stuart Cohen, Asset Land Investments plc and Asset L. ...

....McDermott will leave the FCA in July when Andrew Bailey joins as chief executive from the Bank of England. She has worked at the FCA and its predecessor, the Financial Services Authority, for 15 years. ...

....The son of diplomats, Woods was born in New Zealand and was educated in the UK. He joined the Bank in 2013 from the now defunct Financial Services Authority, which he joined in 2011 after ten years at the Treasury which led to his positions at UKFI and ICB. ...

.... “This includes considering the immediate and short-term consequences of any vote to leave the EU, such as the potential for increased market volatility,” it said. The body, set up by the Conservative-Liberal Democrat coalition government to replace the Financial Services Authority, set out seven priorities for the new financial year to March 2017. ...

....Yippee!. But just weeks before launch day in April, Lord Turner, the former boss of the Financial Services Authority, let off an intellectual grenade designed to inflict serious damage on the whole idea of what is known as Peer-to-Peer (P2P) lending. ...

....But Flowers still insists he wasn’t out of his depth. Chatting in his conservatory, surrounded by books, including Johann Hari’s investigation of failed drug prevention policies, Chasing the Scream, he says he beat five others in an “open competition” to get the gig, and his appointment was twice “affirmed” in interviews with the Financial Services Authority (FSA). ...

....The Libor rigging scandal also spurred George Osborne into changing how the fines levied by the City regulator were used. They had previously gone back to the FCA and its predecessor, the Financial Services Authority, but he changed the rules to ensure that the cash – minus costs – went to the Treasury. ...

....June 2010: George Osborne announces the biggest shakeup in City regulation since 1997 and hands sweeping new powers to the Bank of England designed to prevent a fresh financial crisis. King emerges as the big winner from the chancellor’s shakeup of supervision that will abolish the Financial Services Authority. ...

.... Is peer-to-peer lending an accident waiting to happen, or is it, as its sponsors claim, a revolution in banking that will eventually challenge the dominance of conventional lenders? . I’m hoping it’s the latter, but there are plenty of sceptics, not least the former Financial Services Authority chairman, Adair (Lord) Turner. ...

.... Peer-to-peer lending has many supporters and many sceptics. Some of the most serious reservations were voiced last week by Lord (Adair) Turner, the former chairman of the Financial Services Authority, a previous incarnation of the City regulator. ...

.... Nicola Horlick, one of the City’s most high-profile figures, launched a P2P lender for businesses in 2014. Turner chaired the Financial Services Authority from September 2008 until it was disbanded in 2013. ...

...."We have not yet seen, regarding investment intentions, any weakening of those of late, but obviously it's something we watch pretty closely," he said. Lord Turner was chair of the Financial Services Authority until its abolition in 2013. ...

....The bank paid $920m in fines to US and UK authorities in 2013 to settle investigations into the scandal. The FCA said Macris was obliged to deal with its predecessor, the Financial Services Authority, in a co-operative, open way but that from the end of March 2012 to the end of April 2012 he failed to inform the FSA about concerns over the synthetic credit trades. ...

....Related: Are we heading for a crash? | Albert Edwards, Aditya Chakrabortty, Linda Yueh, Ruth Lea, Fred Harrison, Vicky Pryce, Dambisa Mayo, Yanis Varoufakis, Mariana Mazzucato. Adair Turner, who saw top-level decision-making as head of Britain’s Financial Services Authority and now chairs Inet, gives a measured, cogent version of the critique in his book Between Debt and the Devil. ...

.... . Guto Bebb, the Tory MP who called for the vote of no confidence, complained that “the degree of change has been overstated” since the FCA replaced the Financial Services Authority in 2013, noting that it is staffed by many of the same people as its crisis-era predecessor. ...

.... . Damning email evidence from the informer shows how the then regulator, the Financial Services Authority (FSA), the City of London Police and HMRC all failed to act to protect the public, causing hundreds of investors to lose millions of pounds needlessly. ...

....Mann is expected to accuse the FCA of failing to regulate foreign exchange firms tightly enough, to ensure they don’t offer misleading exchange rates to consumers. The FCA has only been in existence since April 2013 when the coalition government disbanded the-then City regulator, the Financial Services Authority. ...

....The investigation of HBOS bosses, mark two, can’t fail to be better than the original version. Recall Andrew Green QC’s damning verdict – “materially flawed” – in November on the old Financial Services Authority’s timid efforts back in 2009 that led to action against only Peter Cummings, the bank’s former head of corporate lending. ...

.... . The financial regulator of the day, the Financial Services Authority (FSA), failed to take records on the crucial meeting in January 2009 when the decision to investigate Mr Cummings alone was taken, according to last year's report. ...

.... The investigation is likely to take many months and could face multiple legal hurdles if individuals choose to challenge potential attempts to ban them. The decison follows a highly critical report in November by Andrew Green QC into decisions made by the FCA’s predecessor, the Financial Services Authority, over HBOS. ...

.... . An effigy of Bailey’s immediate predecessor Martin Wheatley was burnt outside his offices (admittedly during his time as head of the Hong Kong financial regulator); Wheatley’s predecessor, Hector Sants, retired from his job at Barclays with “exhaustion and stress” soon after leaving what was then the Financial Services Authority. ...

.... They were hugely popular before the credit crisis and hugely controversial, amid evidence that many firms let borrowers inflate their salaries to obtain bigger home loans. These loans were banned by the Financial Conduct Authority in 2014, following a review of the mortgage market that was launched in 2009 by then then regulator, the Financial Services Authority. ...

.... Mr Wheatley, who helped set up the regulator and was perceived as being tough on the banks, had been told that his contract would not be renewed. Ms McDermott has withdrawn her name from consideration to succeed Mr Wheatley on a permanent basis, prompting claims by the opposition that the regulator - which replaced the Financial Services Authority in 2013 - is "rudderless". ...

....Related: Banking culture review: Treasury defends FCA decision to scrap study. The FCA was created in 2013 to replace the Financial Services Authority following the financial crash, with a remit to regulate conduct related to the marketing of financial products. ...

....If life had turned out differently, Sir Hector Sants would be the UK’s top financial regulator – chief executive of the Prudential Regulation Authority (PRA) and a deputy governor of the Bank of England. He was appointed to those posts when boss of the old Financial Services Authority (FSA) but resigned suddenly in 2012, the year before the rejig in supervisory bodies took effect. ...

....Related: Decision over HBOS investigation was made without full evidence, MPs told. The MPs were also told by Andrew Bailey, deputy governor of the Bank of England, that his predecessor, Sir Hector Sants, bore responsibility for the decision by the then City regulator, the Financial Services Authority, to investigate only one former HBOS banker. ...

.... . Meanwhile, Andrew Green QC, the author of the report into the Financial Services Authority’s response to HBOS’ collapse, said the current regulators were wrong to hide the names of some officials involved in the bad decisions made in 2008 and 2009. ...

....During evidence given at the Treasury select committee on last month’s report into HBOS, MPs were also told it was obvious that Andy Hornby, the former chief executive who now holds a senior role at bookmakers Gala Coral, should have been investigated. They also heard that Sir Hector Sants, the former boss of the Financial Services Authority, should bear responsibility for the narrow scope of the investigation which led to only Peter Cummings, the former head of the HBOS corporate bank, being banned and fined £500,000 in 2012. ...

.... Green concluded it was in the public interest for regulators to widen their investigation beyond Peter Cummings, who was banned and fined £500,000 in 2012. The regulator at the time was the Financial Services Authority, which has since had its responsibilities split between the Financial Conduct Authority and the Bank of England’s Prudential Regulatory Authority. ...

...." . Ms Forseke's career in finance has included three years as chief executive of Carnegie, the Swedish investment bank, and eight years on the board of the Financial Services Authority in the UK. ...

.... As result the fine is the largest imposed for financial crime failings. It is the seventh penalty imposed on Barclays since 2009, bringing itspenalty bill from the FCA and its predecessor, the Financial Services Authority, to nearly £500m. ...

....Absolutely. Indeed, Tyrie reminded us that the now-defunct Financial Services Authority’s first attempt at explaining RBS had been a 298-word press release concluding that no further action was necessary. ...

.... Even in early 2008, bosses failed to appreciate the seriousness of their predicament. “[HBOS] is in as secure a position as it could be,” the bank’s chairman, Lord Stevenson, told the Financial Services Authority in March 2008. ...

.... . Delving into risk and governance transgressions by senior management and flaws in regulatory oversight from the now defunct Financial Services Authority, the report described how HBOS’s balance sheet ballooned from £477bn in 2004 to £690bn in 2008 – even after the collapse of Northern Rock raised huge doubts about the availability of wholesale funding. ...

.... . The committee is also expected to call Andrew Green QC, the author of a report into the now-defunct Financial Services Authority’s handling of the HBOS investigation, and representatives of the Financial Conduct Authority about the findings of the new reports. ...

. On Christmas Eve 2008, a member of the Financial Services Authority’s supervision team emailed a colleague asking her to “set up a meeting early in the new year for the four of us to discuss the potential scope of enforcement against HBOS. ...

.... . The Financial Services Authority, which was said to be “stretched almost to breaking point” by funding constraints, chose to pursue only one former HBOS executive after the bank’s failure, according to the report by Andrew Green, the barrister who was asked to re-examine the watchdog’s response to the 2008 collapse last year. ...

....Why has it taken seven years for an official inquiry to reach the common sense verdict that the board and senior management of HBOS were ultimately to blame for the bank’s failure?. The short answer is that the HBOS board had a rival in the incompetence stakes in the form of the old Financial Services Authority. ...